- Published on Wednesday, 29 August 2012 12:46
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The European Union has agreed to provide a grant of 60 million Euros amounting to approximately Rs. 9 Billion for development projects in the country during the next five years.
This grant will be provided under the European Union support to District Development programme for the period 2012 - 2017. The Head of Delegation of the European Union in Sri Lanka Bernard Savage announced the provision of this grant during a meeting he held with the Minister of Economic Development Basil Rajapaksa at his Ministry yesterday.
Subinay Nandy, UN Resident and Humanitarian Coordinator and EU officials also participated in the meeting.
Under this programme, the projects identified by the Sri Lankan government as priority projects will be implemented by United Nations agencies and IFC of the World Bank Group with European Union financial assistance.
Ministry of Economic Development said that the grant will be utilized for poverty reduction and provision of basic infrastructure and services for vulnerable populations and to support local economic development.
Ambassador Savage has told the Minister that the EU will provide funds to complete the ongoing projects started with EU funds and it will provide financial assistance amounting to 60 million Euros for the new projects to be commenced. (niz)